The Government has now enacted legislation to support its economic response to COVID-19 to help the economy withstand and recover from the economic impact of the coronavirus.
At Lucent, we understand some businesses are being impacted by COVID-19 in very different ways to others. To help you navigate the minefield of what benefits are available and what you’re entitled to, we have compiled this guide on all the things you need to consider, depending on the situation you find yourself in.
Please note, this advice is general in nature and you should seek specific advice about your personal situation from a registered tax agent and employment lawyer.
Your business in likely to belong to one of these 3 overall scenarios:
SA Only: The Premier has just announced payroll tax relief for businesses with an annual (grouped) turnover up to $4M. Eligible businesses won’t have to pay any payroll tax from April to September. Employers with annual wages above this threshold may be able to defer payments for 6 months on demonstration of significant impacts on cash flow of coronavirus.
The following advice applies to all scenarios:
The following table helps summarise the above:
If you have any further questions or concerns, please do not hesitate to get in touch with us:
Phone: (08) 8471 7007
Links to further professional advice:
1. Coronavirus – Stand Down First Response 18-3-20
2. Fact sheet – Providing temporary relief for financially distressed businesses
3. Fact sheet – Support the flow of credit
4. Fact sheet – Cash flow assistance for businesses